The Federal Government has officially dismissed recent reports suggesting that the administration of President Bola Ahmed Tinubu intends to increase Nigeria’s Value-Added Tax (VAT) rate from 7.5% to 10%. In a statement released earlier today, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, clarified that no such proposal is currently under consideration, reaffirming President Tinubu’s dedication to maintaining fiscal stability.
Mr. Edun emphasized that the VAT rate remains unchanged at 7.5%, countering rumors of a pending increase. He underscored the administration’s focus on implementing sustainable economic policies aimed at reducing inflationary pressures without imposing additional burdens on citizens. He also highlighted recent fiscal measures, such as the suspension of import duties on essential goods, as part of President Tinubu’s broader strategy to mitigate economic hardship for Nigerians.
The Minister of Finance stressed the Federal Government’s commitment to transparent communication regarding tax and economic policies to ensure that the public remains well-informed and is not swayed by inaccurate reports. “We are dedicated to ensuring clarity and transparency in all matters concerning the economy, and any future tax reforms will be communicated through official government channels,” Mr. Edun stated.
He assured citizens that the government remains focused on strengthening the economy while safeguarding the welfare of its people. The Ministry of Finance reiterated that any future tax changes or economic measures will be duly announced to the public to prevent the spread of misinformation.
With this clarification, the Federal Government aims to allay public concerns and reaffirm its dedication to sound fiscal management and economic stability under the leadership of President Bola Ahmed Tinubu.
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